Chelsea smash British transfer record for Enzo Fernandez as Premier League clubs set new benchmark in January window
Chelsea set a new British transfer record by agreeing the signing of Enzo Fernandez as Premier League clubs underlined their financial strength on deadline day.
The Blues struck an 11th-hour deal worth £107m with Benfica for Argentina midfielder Fernandez, who will arrive in London on Wednesday to begin an eight-and-a-half year contract.
It took Premier League clubs’ spending past £700m, comfortably eclipsed the previous January gross spending record of £430m set in 2018 and dwarfing the £295m invested 12 months ago.
It is the second transfer window in a row of unprecedented spending by England’s top teams, after they lavished almost £2bn on signings last summer.
Among the most-high profile deals completed on transfer deadline day were Italy midfielder Jorginho’s £12m move from Chelsea to Arsenal and Manchester United’s loan signing of Bayern Munich’s Marcel Sabitzer.
That business helped to take total Premier League spending for the window beyond £600m, doubling last January’s outlay.
As the 11pm deadline passed, Chelsea were still hopeful that they had completed the paperwork to conclude the biggest deal of the whole window, a Premier League record £107m purchase of Fernandez, 21, from Benfica. The Portuguese side confirmed the transfer around an hour later.
“January 2023 has surpassed the record spent during any previous winter window as Premier League clubs look to reinforce their squads ahead of a crucial second half of the season,” said Calum Ross, assistant director in Deloitte’s Sports Business Group.
“The 2022-23 season has seen clubs invest heavily in their squads. New ownership and an availability of financial resources to pay significant sums to maximise performance continue to be key contributors towards record spending levels.
“While this level of spending illustrates Premier League clubs’ recovery post-pandemic, the importance of long-term financial planning and focus on financial sustainability should continue to be a priority.”
Chelsea were by far the busiest club in the division, signing wingers Mykhailo Mudryk and Noni Madueke, defenders Benoit Badiashile and Malo Gusto, forward David Datro Fofana and midfielder Andrey Santos.
Champions Manchester City did not sign anyone, instead allowing full-back Joao Cancelo to make a surprise loan switch to Bayern Munich.
Premier League clubs have only increased their financial dominance in recent years and made up 11 of the 20 teams in Deloitte’s Football Money League when it was published in January.
Their greater proportion of income from broadcasting and commercial activities gave them greater protection from the exclusion of fans during the pandemic, while theirs are the only TV rights among their rivals to still be rising.
“The Premier League is in a league of its own compared to other leagues,” Deloitte’s Zal Udwadia told Morning Wire “If anything, the gap will increase because the Premier League is the only one to report an increase in TV rights sales in the last cycle.”